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Asset Protection

Atlanta Asset Protection Attorneys 

Accessible & Knowledgeable Legal Team

Our Atlanta estate planning lawyer at Meyring Law Firm offers advanced asset protection strategies. We can help you avoid over-taxation or losses from lawsuits with a customized estate plan. Your estate plan works to pass your wealth on to your heirs, while asset protection does more. These strategies allow you to protect more of your assets during your lifetime.

How Does Asset Protection Work?

Asset protection works to insulate your assets from devastating lawsuits that could lead to substantial losses. You may think that asset protection strategies are only for the wealthy, but if you own a home, asset protection should be part of your estate plan. Understanding how asset protection works involves an examination of various tools and mechanisms employed to safeguard you.

One common method of asset protection is the establishment of trusts. Trusts allow individuals to transfer ownership of their assets to a separate legal entity, typically managed by a trustee. By doing so, individuals effectively remove those assets from their personal ownership, making them less susceptible to claims from creditors or legal judgments. Our asset protection lawyers in Atlanta are dedicated to creating the right asset protection plan for you.

Types of Asset Protection Strategies

Asset protection allows you to control your assets, while not legally owning them. 

This is accomplished by establishing:

  • Limited Partnerships: A family limited partnership can be established to shelter wealth while allowing you to retain control over the assets.
  • Limited Liability Companies: An LLC is a business entity, entirely separate from the owners. Your personal assets are protected should an LLC be a defendant in a lawsuit.
  • Domestic Asset Protection Trusts: This is an irrevocable trust established for your benefit that can protect your assets from creditors while allowing you to retain access to the assets.
  • Third-Party Discretionary Trusts: These are called “spendthrift” trusts and allow a relative to create a trust fund with certain restrictions, which can provide a measure of financial protection if you are concerned the money you pass to a loved one may be spent recklessly.

The Importance of Asset Protection for Small Business Owners

Many small business owners don’t realize that their personal assets could be at risk if their business faces a lawsuit or financial troubles. If your business is not properly protected, creditors or legal claims against the business may affect your personal wealth.

How Asset Protection Helps Small Business Owners:

  • Personal Asset Safeguarding: Asset protection strategies are designed to separate your personal assets from business liabilities. This means that in the event of a lawsuit or bankruptcy, your personal assets, like your home or savings, could remain safe.
  • Common Strategies:
    • Forming an LLC: By setting up a Limited Liability Company (LLC), you create a legal distinction between yourself and your business. This separation can prevent creditors from coming after your personal property to satisfy business debts.
    • Establishing Trusts: Trusts allow business owners to transfer assets to a legal entity, keeping them out of reach from creditors while still allowing control over the assets. This can be an important safeguard if the business faces financial difficulties or litigation.
  • Peace of Mind: Protecting your personal wealth from business risks provides peace of mind. You can focus on growing your business without worrying about losing your home, savings, or other personal assets.
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Why Choose Meyring Law Firm?

  • Lifetime Support
    Our legal help is not a 'one and done' deal. Your future legalities are encompassed in these documents that need to be constantly updated. We are here to provide you with lifetime support.
  • Affordable Fees
    We have an initial document prep fee that will give you access to our attorneys through phone, email or any other medium without being charged extra.
  • Straightforward Guidance
    Our goal is to provide you with guidance you can understand and trust. We want you to feel secure and supported every step of the way.
  • Phone Evaluations

    We offer phone evaluations to help clients find the right path forward. We treat no two cases the same, setting our customer service apart from the rest.

Frequently Asked Questions

Here to Help Every Step of the Way
  • What does “heir” mean?
    An heir is one or more of the nearest living relatives of the deceased person at the time of death. Sometimes the heir is only the surviving spouse or child. Other times the heirs are any number of siblings, nephews and nieces, or cousins.
  • What happens if a will is not probated?
    In Georgia, there is a legal mandate for the holder of a will to submit it to the court for probate per O.C.G.A. § 53-5-5. If a will is not filed with the court, any heir or beneficiary can petition the court to direct the will holder to file the will with the proper court. Wills are meant to be public documents once the grantor has passed away. Sometimes if a will is not filed with the court, beneficiaries and heirs cannot take legal possession of assets specified in the Last Will and Testament.
  • How long does it take to receive an inheritance? When can I get what was willed to me?
    The probate attorney can accurately answer how long it would take to receive an inheritance from an estate that has no will. The experienced attorney can estimate the time it would take to receive a gift from the decedent's will or trust.
  • What does “executor” mean?
    Executor is the person named in the last will and testament that's appointed by the probate court to administer the estate of the decedent according to the will.

Allow Us to Take Care of Your Future Contact Our Atlanta Estate Planning Law Firm Today